WORCESTER, MASS. — Kelleher & Sadowsky Associates Inc. has negotiated the $13 million sale of an 85,000-square-foot office building in Worcester, located approximately 45 miles west of Boston. Located at 324 Clark St., the building was 100 percent leased at the time of sale. Tenants include the Department of Developmental Services, Department of Early Education and Care, South Bay Community Services and Nouria Energy Corp. Donald Mancini and James P. Cozza of Kelleher & Sadowsky represented the seller, Worcester Investment Group, in the deal. The team also procured the buyer, Lowfield Realty Group. Cornerstone Bank provided acquisition financing for the buyer.
PHILADELPHIA — Marcus & Millichap has arranged the $11.9 million sale of Shops at Red Lion, a 24,688-square foot retail property located in Philadelphia. Located at 10000-90 Roosevelt Blvd., the property was 100 percent leased at the time of sale to tenants such as Starbucks, Verizon and Dunkin’. Derrick Dougherty, Mark Krantz and Scott Woodard of Marcus & Millichap represented the seller, a limited liability company affiliated with Abrams Realty Development, in the transaction. The team also procured the buyer, a limited liability company controlled by David Adam Realty.
ORANGE PARK, FLA. — Berkadia has arranged the $10.6 million sale of Promenade Park Avenue, a 105-unit apartment complex in Orange Park. The property was originally built in 1974 and offers two-bedroom floor plans. Communal amenities include a swimming pool. The asset is situated at 606 Park Ave., 14 miles south of downtown Jacksonville. Cole Whitaker and Greg Rainey of Berkadia represented the seller, New York City-based Quad Property Group, which acquired the property for $6.7 million in December 2017. The buyer was not disclosed.
LADY LAKE, FLA. — Marcus & Millichap has brokered the $3.1 million sale of Old Dixie Portfolio, a 43,255-square-foot building that features 30 rental townhomes and 7,500 square feet of office space. The property is located at 102 S. Old Dixie Highway in Lady Lake, 50 miles northwest of downtown Orlando. The multifamily community, called Christine’s Place Apartments, offers two- and three-bedroom floor plans averaging 1,192 square feet. The community was built in 1997. The office space, Chelsea Plaza, was built in 1999 and comprises seven suites that are leased to a mix of medical, professional and technology tenants. Casey Babb, Ryan Wooden, Luis Baez and Shawn Rupp of Marcus & Millichap represented the seller, a private investor, in the transaction. The team also procured the buyer, a limited liability company.
TALLAHASSEE, FLA. — Colliers International has negotiated the $3.2 million sale of Villages at Apalachee, a 9,026-square-foot retail strip center in Tallahassee. The property is situated at 1435 E. Lafayette St., two miles east of downtown Tallahassee and across the street from Governor’s Square Mall. Villages at Apalachee was fully leased to Uncle Maddio’s Pizza, Allure Nails, Vape Haven and Aveda-Soleil Hair Salon at the time of sale. Mike Milano, Sean Glickman, Chris Smith and Brandon Rapone of Colliers represented the seller, Shuler Properties, in the transaction. EM Real Estate Development Florida LLC, which is affiliated with an investment firm based in California, acquired the asset.
HOUSTON — Strategic Realty Holdings LLC has acquired Stonebridge at City Park, a 240-unit apartment community in southwest Houston. The property offers one- and two-bedroom units ranging in size from 680 to 1,107 square feet and amenities such as a pool, fitness center, business center and onsite laundry facilities. Florida-based alternative lender Electra Capital contributed a $5.5 million preferred equity investment for the acquisition. The seller was not disclosed.
SCHERTZ, TEXAS — Titan Development Real Estate Fund 1 has sold Building 1 at Titan Industrial Park in the Central Texas city of Schertz. The property was built on a speculative basis, fronts Interstate 35 and has been marketed to users seeking spaces between 20,000 and 100,000 square feet. The buyer was not disclosed.
PASADENA, TEXAS — Marcus & Millichap has brokered the sale of Strawberry Plaza, a 13,753-square-foot retail center located in the eastern Houston suburb of Pasadena. The asset was listed for $1.7 million. Riley Sharman of Marcus & Millichap represented the seller, a private investor, and procured the buyer, a limited liability company.
NEW YORK CITY — Avison Young has negotiated the $16.7 million sale of a seven-story office building in the Tribeca neighborhood of Manhattan. The 13,667-square-foot building is located at 177 Franklin St., between Greenwich and Hudson streets and was 80 percent leased at the time of sale. The flagship store of watch retailer Shinola occupies the ground floor. James Nelson and Charles Kingsley led an Avison Young team that represented the seller, Bedrock Real Estate Partners. The buyer was undisclosed.
NEW YORK CITY — Apollo Electric has acquired a 5,650-square-foot office condo in the Chelsea neighborhood of Manhattan for $3.6 million. The suite includes the entire fifth floor of a seven-story building, which is located at 127 W. 24th St. The building was constructed in 1904. Brock Emmetsberger, Ryan Kossoy and Reed Waggoner of JLL represented the seller, a private owner. The team also procured Apollo as the buyer.